AUDUSD and AUDNZD: AUDUSD back above 0.67000 in July
- During this morning’s Asian trading session, AUDUSD surged to a new weekly high, reaching 0.67388.
- Since the beginning of this week, the AUDNZD has been in a steady bullish consolidation supported by the EMA50 moving average.
AUDUSD chart analysis
During this morning’s Asian trading session, AUDUSD surged to a new weekly high, reaching 0.67388. This significant jump has brought the pair back to its movement at the beginning of the year. We are currently witnessing a robust bullish consolidation, which holds the potential to propel the pair to a new high. This week, we have the EMA50 and EMA200 moving averages providing support from the start, with potential higher targets at 0.67400 and 0.67600 levels.
For a bearish option, a negative consolidation and pullback of AUDUSD to the 0.67200 level is necessary. Here, we will test the support of the EMA50 moving average. If the bearish momentum gains strength, a pullback will ensue, leading to a potential new daily low. This could result in potential lower targets at 0.67000 and 0.66800 levels.
AUDNZD chart analysis
Since the beginning of this week, the AUDNZD has been in a steady bullish consolidation supported by the EMA50 moving average. During this morning’s Asian trading session, a weekly high was formed at the 1.10110 level. After that, the pair stops there and moves in the 1.10000-1.10100 range. Based on the previous trend, we conclude that continuing to the bullish side is very likely.
Potential higher targets are 1.10200 and 1.10400 levels. We need a negative consolidation and a break below the EMA50 moving average for a bearish option. This will significantly increase the pressure on the AUDNZD to start a further retreat and look for support at a lower level. Potential lower targets are 1.09800 and 1.09600 levels.
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